Tanzanian President Samia Suluhu Hassan on Saturday appointed Emmanuel Tutuba, previously a permanent secretary at the Ministry of Finance and Planning, to the position of central bank governor.

Tutuba replaces Florens Luoga, who reached the end of his five-year tenure, and inherits an economy facing inflationary pressure – inflation stood at 4.9% in November, roughly a five-year high – as well as a softer currency as the result of global economic pressures associated with the Russia-Ukraine conflict.

Tanzania’s finance minister in November said the East African country would increase spending in 2023 with a focus on infrastructure projects, and that its economy is expected to grow faster than the previous year.